HashKey Holdings Debuts on HKEX in HK$1.6B IPO

HashKey Holdings, operator of Hong Kong's largest licensed cryptocurrency exchange, made its stock market debut on the Hong Kong Stock Exchange on Wednesday, raising 1.6 billion Hong Kong dollars (206 million U.S. dollars) in the city's first initial public offering focused on a digital asset platform.

The company, trading under the stock code 3887, priced its IPO at 6.68 Hong Kong dollars per share, near the top of its marketed range of 5.95 to 6.95 Hong Kong dollars. It offered 240.6 million shares globally, with 24 million allocated to Hong Kong investors and the remainder to international buyers. The offering drew strong interest, oversubscribed nearly 394 times in Hong Kong and 5.5 times internationally. Nine cornerstone investors participated, including Cithara Global MultiStrategy, UBS Asset Management Singapore, Fidelity, and CDH Investments. Cithara and UBS received the largest allocations, with about 17.5 million and 11.7 million shares, respectively. JPMorgan Chase and Guotai Junan served as joint sponsors.

Shares opened at 6.70 Hong Kong dollars, a slight 0.3 percent gain over the offer price, but experienced volatility during the morning session. The stock briefly...